FRANCE: Moet Hennessy sees sales hold firm in YTD
- Nine-month sales up by 3% to EUR2.84bn
- Sales in three months to end of September come in at EUR1.03bn
- Champagne bounces back, but China drags on Hennessy
- LVMH group sales climb by 4% in YTD
Three continues to be the magic number for Moet Hennessy in 2013
The spirits arm of LVMH, Moet Hennessy, has seen its nine-month sales performance mirror the sales increase posted for the first six months of this year.
The division said late yesterday (15 October) that reported sales in the nine months to the end of September were up by 3% year-on-year, coming in at EUR2.84bn (US$3.84bn). The rise was the same as the 3% sales lift in H1, reported in July.
The Cognac and spirits sub-division saw sales in the YTD increase by 5.1% to EUR1.65bn, while Champagne and wines delivered flat sales, down by 0.4% to EUR1.19bn.
In the third quarter, Moet Hennessy sales totalled EUR1.03bn, split EUR577m from Cognac and spirits, and EUR455m from Champagne and wines. The quarterly performance represented a 2% lift on the corresponding period a year earlier.
Overall group sales in the YTD were up by 4% on a reported basis, totalling EUR20.72bn.
"Champagne experienced a rebound in the third quarter, driven by strong demand in the Asian and American markets, and its prestige brands made strong progress over the period," the company said in yesterday's trading update. "Hennessy Cognac continued its good progress with solid volume increases combined with its firm pricing policy."
The unit highlighted continued pressure on consumer demand in China as playing a part in its Hennessy performance. Glenmorangie, Belvedere and Wenjun were all credited with "strong volume growth" in the YTD.
The group's share price opened down this morning, by 6.5% at EUR135.35 at 1310 CEST.
To read the company's official announcement, click here.
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